JPMorgan Sued by Louisiana Pension Fund Over Forex Trades

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JPMorgan Sued by Louisiana Pension Fund Over Forex Trades

JPMorgan Sued by Louisiana Pension Fund Over Forex Trades

Another Day, Another Lawsuit…come back tomorrow and the next and so on.

Business as usual.

Bloomberg-

JPMorgan Chase & Co. (JPM) was accused in a lawsuit of manipulating clients’ foreign-exchange transactions for its own benefit.

The Louisiana Municipal Police Employees’ Retirement System filed a complaint yesterday in Manhattan federal court alleging that the bank took advantage of investors by causing them to pay what were often the worst currency rates available on a given trading day.

“JPMorgan’s scheme allowed it, in violation of its contractual and fiduciary obligations, to extract hundreds of millions of dollars in illicit risk free profits from its clients under the guise of FX trading,” according to the complaint.

[BLOOMBERG]

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